Ottawa, May 30, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global vegan food market size was estimated at USD 26.83 billion in 2021. The vegan food industry is growing across North America, Asia Pacific region, Europe and Latin America. Europe has been the largest market for mix substitutes across the globe. France Germany and UK are the countries that have witnessed a high consumption of meat in the recent years. The major products that are offered in this market or can't mock meats, pizza, burgers, patties, sausages, fillets and meatballs. There is fierce competition in the European market for the meat substitute.
Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1762
Some of the renowned players have entered the market in the recent years. About 30 to 70% of the individuals in the European Union countries are overweight. An increased awareness regarding the health and the growth of vegetarianism in Germany and France has led to a growth in the market. The younger generation in Asia is becoming conscious about the climate and the association of the climate change with meat consumption. Therefore there is a steady rise in the demand for vegan products in the Asia Pacific region. In India there are many vegetarians but adopting a animal free diet is still on a low. North America is the largest consumer of the vegan food products across the globe. There has been a spike in the adoption of Asian vegan diet in the consumers in the US. Many food chains like Domino's and Starbucks are launching new products in the vegan industry.
Many vegan food manufacturers are producing innovative products in order to bring the varied consumers to purchase these products. The Middle East and Africa is in the developmental stages. There are many startups that are manufacturing vegan products in this market. An increasing awareness regarding the health is a significant factor which is propelling the demand for the vegan products in this region.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 26.83 Billion |
| Revenue Forecast by 2030 | USD 65.4 Billion |
| CAGR | 10.41% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Amy's Kitchen, Danone S.A, Earth’s Own Food Company Inc., The Tofutti Brands Inc., Ripple Foods Inc., Archer Daniels Midland Company, Daiya Foods Inc. |
Report highlights
- On the basis of the product, the alternative daily products are expected to have the largest market share during the forecast period. These products are extremely suitable for the people who are lactose intolerant and are conscious about weight loss. As vegan meat is available in various forms and has a good shelf life there's an increasing demand for vegan meat as well.
- On the basis of the distribution channel, the offline segment is expected to have the largest market share. These products are provided a niche shelf space in supermarkets which help in grabbing the consumers attention. The E-commerce portals are also seeing a growth as consumers are purchasing the products from these ecommerce portals.
Ask here for more customization study@ https://www.precedenceresearch.com/customization/1762
Market dynamics
Drivers
There is a growing adoption of innovative food packaging for the vegan food products which is helping in the growth of the market. The vegan food industry is environmentally conscious. There's an increase in demand for sustainable food packaging for meat free products. Also there's an important change off product labeling so many vegan food product manufacturers are having carbon labeling. There is an increasing demand for animal cruelty free products which is driving the market truth. Many consumers across the globe are becoming aware about animal cruelty. So they're adopting lifestyles and diets that help in reducing the animal cruelty. People are also aware about the ill effects of animal cruelty related to the environment. In order to prevent these environmental impacts caused by the animal meat consumption many consumers are switching to vegan food products. The exploitation of animals for developing various food products has also reduced due to an increase in the vegan diet.
Restraints
The production of vegan food products is associated with high cost. Several manufacturers launch newly developed plant based alternatives in the market but the prices of these products are comparatively higher than the animal based food products. These products are also less appealing when it comes to taste and texture of these plant based food products. These plant based food products vary significantly from the animal based products and it happens to reduce the growth or slows down the adoption among the consumers.
Opportunities
Many manufacturers are investing in the future of the plant based market. It was estimated that the sales of the meat free products shall hit euro 658 million in 2021. Various kinds of products are provided like the plant based burgers, milk substitutes, chickenless Nuggets and other alternative cheese.
Challenges
Most of the vegan food products are associated with certain nutrient deficiencies. They also have a low protein content India dairy based vegan products. Due to the consumption of these vegan diet people may suffer from various health disorders. There are increasing cases of hormonal imbalance, anemia, vitamin B12 deficiencies and other disorders. In order to receive a healthy diet and a balanced diet the consumption of various other foods should be included. Many logistical challenges for the vegan food industry. Due to the high cost of the meat and dairy industry in the vegan food products many consumers are hesitant to buy these products and therefore the manufacturers may not be able to provide varied product range.
- Browse more related reports@ https://www.precedenceresearch.com/industry/food-and-beverages
Recent Developments
- Nestle launched a new vegan milk brand named wunda. It will be offered in the Netherlands, France and Portugal. The product was launched in 2021.
- Target which is the US retail corporation launched a new sub brand called good and gather plant based brand. 30 new plant based products will be launched under this brand name.
Market Segmentation
By Product
- Dairy Alternative
- Cheese
- Dessert
- Snacks
- Meat Substitute
- Tofu
- TVP
- Seiten
- Quorn
- Others
- Others
By Distribution Channel
- Offline Channels
- Online Channels
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1762
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
Get Our Latest Press Releases@ https://www.precedenceresearch.com/press-releases
